McGrath RentCorp (MGRC) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS
McGrath RentCorp (NASDAQ:MGRC) released its earnings results on Tuesday. The financial services provider reported $0.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. The firm had revenue of $94.84 million for the quarter, compared to analyst estimates of $95.10 million. McGrath RentCorp had a return on equity of 10.44% and a net margin of 9.44%.
McGrath RentCorp (NASDAQ:MGRC) traded down 0.17% on Friday, reaching $35.91. The company had a trading volume of 81,170 shares. The company’s 50 day moving average price is $34.16 and its 200-day moving average price is $35.93. McGrath RentCorp has a 12 month low of $26.50 and a 12 month high of $39.86. The company has a market capitalization of $861.16 million, a price-to-earnings ratio of 21.66 and a beta of 1.09.
The company also recently announced a quarterly dividend, which was paid on Friday, April 28th. Investors of record on Friday, April 14th were issued a dividend of $0.26 per share. This is a positive change from McGrath RentCorp’s previous quarterly dividend of $0.26. This represents a $1.04 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Tuesday, April 11th. McGrath RentCorp’s payout ratio is presently 61.08%.
Separately, Zacks Investment Research raised McGrath RentCorp from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Friday, May 5th.
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In other McGrath RentCorp news, VP Philip B. Hawkins sold 1,500 shares of McGrath RentCorp stock in a transaction dated Wednesday, May 10th. The stock was sold at an average price of $36.00, for a total transaction of $54,000.00. Following the completion of the transaction, the vice president now owns 3,624 shares in the company, valued at approximately $130,464. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis P. Stradford sold 3,000 shares of McGrath RentCorp stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $36.25, for a total value of $108,750.00. Following the transaction, the director now owns 8,900 shares of the company’s stock, valued at approximately $322,625. The disclosure for this sale can be found here. Insiders sold a total of 10,500 shares of company stock valued at $370,050 over the last ninety days. 5.00% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC increased its position in shares of McGrath RentCorp by 25.9% in the fourth quarter. Renaissance Technologies LLC now owns 418,795 shares of the financial services provider’s stock worth $16,413,000 after buying an additional 86,200 shares during the last quarter. Allianz Asset Management AG increased its position in shares of McGrath RentCorp by 50.0% in the fourth quarter. Allianz Asset Management AG now owns 23,511 shares of the financial services provider’s stock worth $921,000 after buying an additional 7,833 shares during the last quarter. Brown Advisory Inc. increased its position in shares of McGrath RentCorp by 4.7% in the fourth quarter. Brown Advisory Inc. now owns 1,333,883 shares of the financial services provider’s stock worth $52,275,000 after buying an additional 59,537 shares during the last quarter. Trexquant Investment LP acquired a new position in shares of McGrath RentCorp during the fourth quarter worth $354,000. Finally, Martingale Asset Management L P increased its position in shares of McGrath RentCorp by 16.6% in the fourth quarter. Martingale Asset Management L P now owns 40,000 shares of the financial services provider’s stock worth $1,568,000 after buying an additional 5,700 shares during the last quarter. Hedge funds and other institutional investors own 81.58% of the company’s stock.
McGrath RentCorp Company Profile
McGrath RentCorp is a diversified business-to-business rental company. The Company operates through four business segments: modular building and portable storage segment (Mobile Modular); electronic test equipment segment (TRS-RenTelco); a subsidiary providing containment solutions for the storage of hazardous and non-hazardous liquids and solids segment (Adler Tanks), and a subsidiary classroom manufacturing business selling modular buildings used primarily as classrooms in California (Enviroplex).
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